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ASSERTIONS

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › ASSERTIONS

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Kim Smith.
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  • September 28, 2021 at 4:40 pm #636649
    ABDULLAHI312
    Participant
    • Topics: 106
    • Replies: 97
    • ☆☆☆

    Hi,
    if an invoice/payments relates to the expenses in the period just ended it must be accrued as at the year end. question,what is the review of the invoices received or payment made shortly after the year end be testing? completeness of the accruals and/or the existence of liability or vice versa.

    September 28, 2021 at 5:37 pm #636652
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8304
    • ☆☆☆☆☆

    Completeness of the accrual (which is the liability). It must be completeness because the direction of testing is from sources of evidence [that there is a liability] – the purchase invoices and the post y/e payments – to what is recorded in the financial statements (the accrual).

    For existence, the direction of testing is always from what is recorded (the accrual) to the source.

    As I happen to have explained in a recent post https://opentuition.com/topic/audit-risk-67 – the risk that liabilities are incomplete (understated) is a greater risk than that they are overstated.

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